Answer / hamdan

Fixed assets, also known as a non-current asset or as property, plant, and equipment (PP&E), is a term used in accounting for assets and property which cannot easily be converted into cash. This can be compared with current assets such as cash or bank accounts, which are described as liquid assets. In most cases, only tangible assets are referred to as fixed.
Depreciaton Types:
1.Straight Line method.
2.Reducing Balance Method/Written Down Value Method.
Depreciation is Calculated as:
The straight line depreciation method divides the cost by the life.

SL = Cost / Life

Example: A desk is purchased for $487.65. The expected life is 5 years. Calculate the annual depreciation as follows:
487.65 / 5 = 97.53
Each year for 5 years $97.53 would be expensed.

Answer / syeda

There are 4 main methods of depreciation,
Straight line
Written down value
Double depreciation
Unit of production.

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